CANADA – Consolidated sales of Richelieu, a leading supplier of furniture hardware and accessories in Canada and the United States, reached USD 1,004.4 million, an increase of USD 61.9 million or 6.6% over 2017, of which 3.2% from internal growth and 3.4% from acquisitions.

At comparable exchange rates to 2017, the consolidated sales growth would have been 6.9% for the year ended November 30, 2018.

Sales to manufacturers grew to USD 850.9 million, compared with USD 800.0 million for 2017, an increase of USD 50.9 million or 6.4%, of which 2.4% from internal growth and 4.0% from acquisitions. Sales to hardware retailers and renovation superstores grew by 7.7% or USD 11.0 million to total USD 153.5 million.

“Richelieu surpassed the USD 1 billion mark in sales in 2018, year of its 50th anniversary, while making acquisitions and investing in market development, facility improvements and new technologies. Our innovation, acquisition, development and web strategies, which have proven themselves over the years, resulted in solid internal and acquisition-based growth for the year. The acquisition of Cabinet & Top Supply, Inc. further enhanced our position in Florida, where we now operate nine distribution centers. The acquisition of Chair City Supply, Inc. strengthens our presence, product offering and customer base in the important furniture manufacturer market. As at November 30, 2018, in line with previous years, our financial position was impeccable, with almost no debt and an excellent liquidity ratio. Market capitalization stood at USD 1.5 billion. We are pursuing our growth strategy on a solid footing, giving priorities on operational profitability, sales synergies with our recent acquisitions, and strategic investments aimed at increasing the long-term value.” said Richelieu President and CEO Richard Lord.